hats off to the mods wednesday, page-32

In Australia:

Twenty Leaders +0.7%
50 Leaders +0.7%
XJO +0.7%
XAO (All Ords) +0.7%
Small Ordinaries +0.9%
Financials +0.7%
Materials +1%
Consumer Staples +0.2%
Energy +0.7%
Health +1.1%
Telecoms +1.7%
Consumer Discretionary +0.9%
Comment: The market was choppy until 2.00 pm. At that time it was at par for the day. Taking a lead off the American futures, our market shot up to be up strongly in the last two hours. That timing more or less coincides with the clear evidence that Obama would win the election. So much for those who said that stocks would tank if Obama won. Volume was quite light for a Wednesday.
Technical Comment on the ASX200:
The XJO finished at 4516.5. Near term support at 4472.4. Resistance at 4521.8
Indicators:
Stochastic: 39.5. Positive.
RSI: 58.3. Positive.
MACD Histogram. Above zero. Positive.
MACD: Below zero. Negative.
CCI: +7.8. Positive.

The medium term trend is up. The short term trend is up.

Momentum indicators are giving off “buy” signals. The oblique down trend line has been broken to the upside. This is bull friendly. If the market fails here at horizontal resistance, that would be very bearish.

The 40-Day TMA has provided support. That’s a positive. The chart is now at the first line of major resistance, but momentum seems to be up. So we may now look to a test of the recent highs around 4570. That’s not far away.

Financials – similar picture to the XJO.

Small Ordinaries. On a short term buy signal. Formidable resistance overhead.

Redbacka